United Kingdom house prices jump in July by more than expected - Halifax

Conservative Battle For Breakthrough In Welsh Labour Heartlands

Conservative Battle For Breakthrough In Welsh Labour Heartlands

House prices gathered pace in July with annual growth up 3.3pc, the biggest increase in nine months, mortgage lender Halifax said on Tuesday - despite warning of a softness in the market.

That's a much higher jump in house prices than expected and a higher revision on the monthly figure for June as well.

Research published by Nationwide last week also showed house prices rising beyond expectations in July.

Compared with a year ago, house prices were 3.3 percent higher than a year ago, the fastest rate of growth since November and compared with a 1.8 percent rise in June. Pressure on household finances is easing as wages have begun to outstrip inflation.

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"Annual growth just exploded to a level not seen since the autumn", said London agents James Pendleton.

Howard Archer, chief economic adviser at the EY ITEM Club, was cautious and said: 'We remain dubious that the housing market is seeing a sustainable shifting up of a gear.

United Kingdom home sales fell by 3 per cent in June, with the figure for the three months to June unchanged compared to the previous quarter, Halifax said. "Activity is still relatively lacklustre despite coming modestly off 2018 lows, with consumer conditions challenging". Its figure for annual house price inflation is 2.5%.

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